Harbor Investment Advisory LLC Invests $147,000 in Reddit, Inc. (NYSE:RDDT)

Harbor Investment Advisory LLC purchased a new position in Reddit, Inc. (NYSE:RDDT) in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 900 shares of the company’s stock, valued at approximately $147,000.

Other hedge funds have also bought and sold shares of the company. ARK Investment Management LLC grew its stake in Reddit by 120.5% in the third quarter. ARK Investment Management LLC now owns 352,721 shares of the company’s stock worth $23,251,000 after purchasing an additional 192,785 shares in the last quarter. Wellington Management Group LLP grew its stake in Reddit by 3,640.5% in the third quarter. Wellington Management Group LLP now owns 255,325 shares of the company’s stock worth $16,831,000 after purchasing an additional 248,499 shares in the last quarter. Victory Capital Management Inc. grew its stake in Reddit by 903.8% in the third quarter. Victory Capital Management Inc. now owns 504,116 shares of the company’s stock worth $33,231,000 after purchasing an additional 453,894 shares in the last quarter. Geode Capital Management LLC grew its stake in Reddit by 176.0% in the third quarter. Geode Capital Management LLC now owns 824,200 shares of the company’s stock worth $54,355,000 after purchasing an additional 525,619 shares in the last quarter. Finally, Mission Creek Capital Partners Inc. acquired a new position in Reddit in the third quarter worth about $7,490,000.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the company. Morgan Stanley upgraded Reddit from an “equal weight” rating to an “overweight” rating and lifted their price target for the stock from $70.00 to $200.00 in a research note on Monday, December 9th. Citigroup lifted their target price on Reddit from $120.00 to $200.00 and gave the company a “buy” rating in a research note on Friday, December 20th. Sanford C. Bernstein lifted their target price on Reddit from $65.00 to $85.00 and gave the company an “underperform” rating in a research note on Wednesday, October 30th. B. Riley lifted their target price on Reddit from $112.00 to $187.00 and gave the company a “buy” rating in a research note on Tuesday, January 14th. Finally, Raymond James lifted their target price on Reddit from $150.00 to $200.00 and gave the company a “strong-buy” rating in a research note on Tuesday. One research analyst has rated the stock with a sell rating, six have given a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $158.20.

Insider Buying and Selling

In other Reddit news, CEO Steve Ladd Huffman sold 14,000 shares of the company’s stock in a transaction on Friday, November 1st. The stock was sold at an average price of $113.13, for a total value of $1,583,820.00. Following the transaction, the chief executive officer now owns 651,775 shares of the company’s stock, valued at approximately $73,735,305.75. This represents a 2.10 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Mary Porter Gale sold 5,000 shares of the company’s stock in a transaction on Friday, November 1st. The shares were sold at an average price of $114.40, for a total value of $572,000.00. Following the completion of the transaction, the director now directly owns 46,459 shares in the company, valued at $5,314,909.60. This represents a 9.72 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 259,357 shares of company stock valued at $39,528,738 over the last quarter.

Reddit Price Performance

Shares of NYSE:RDDT opened at $183.79 on Thursday. Reddit, Inc. has a 12 month low of $37.35 and a 12 month high of $191.00. The stock’s 50 day moving average price is $160.20 and its 200 day moving average price is $102.35.

Reddit (NYSE:RDDT) last announced its earnings results on Tuesday, October 29th. The company reported $0.16 EPS for the quarter, topping the consensus estimate of ($0.07) by $0.23. Reddit had a negative return on equity of 40.54% and a negative net margin of 47.83%. The firm had revenue of $348.40 million for the quarter, compared to analysts’ expectations of $313.61 million. The company’s revenue was up 67.9% on a year-over-year basis. Research analysts forecast that Reddit, Inc. will post -3.48 EPS for the current fiscal year.

About Reddit

Reddit, Inc operates a website that organizes digital communities. It organizes communities based on specific interests that enable users to engage in conversations by sharing experiences, submitting links, uploading images and videos, and replying to one another. The company was founded in 2005 and is headquartered in San Francisco, California.